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edgar-online.com
Through June 30, 1998 ImaginOn has had no
significant revenues and had a loss from operation of $946,512 and $930,754 for
the year ended December 31, 1997 and six months ended June 30, 1998,
respectively.
No Inventories. The Company has liquidated its remaining inventory and,
therefore, it does not maintain, nor does it intend to accumulate, an inventory
of in-line skate, snowboard or hockey products.
Working Capital Shortages and Operating Losses. Recently, the Company has
generated significant operating losses and has failed to generate positive cash
flow. As a result, the Company has, and continue to experience, shortages of
working capital to fund day to day operations. ImaginOn also has generated
significant operating losses and has failed to generate positive cash flow.
The shortages of working capital and insufficient cash flow have, from time
to time, prevented the Company from making prompt payment of current
obligations. As a result, the Company is subject to numerous claims for
collection of past due amounts and are past due on certain of its debt
obligations.
Limited Capitalization. The Company and ImaginOn have only limited financing
available to it and is dependent on significant additional financing being
available to continue as a going concern. |
